Taking note of accounts and keeping them in order is quite a task for students. So you will be facing many calculation problem in commercial applications. Check out accounting homework help for instant solutions and understanding of concepts.

1. Accounting is the recording of financial
transactions along with storing, sorting,
retrieving, summarizing, and presenting the
results in various reports and analyses.
Accounting is also a field of study and
profession dedicated to carrying out those
tasks.

4. Organizations need to have a reliable and systematic way of
recording financial information. Accounting is necessary to ensure
that those running the business have a reliable record of financial
transactions.
Accounting helps organizations to determine their financial rights
and obligations. Without proper accounting, it would be very
difficult for a business to calculate, for example, the exact amount
a supplier needs to be paid taking into account cost of purchase,
discounts, sales tax, withholding tax, duties, refunds, etc..
Accounting is therefore necessary for a business to fulfill its legal
obligations and asserting its own legal rights.

5. Accounting information is summarized to produce
financial statements. Financial Statements provide an
overview of the financial activities of a business during
a period (e.g. cash flow, income and expenses during
the year) as well as information about its financial
position on a specific date (e.g. amount of cash and
inventory at the end of the year).
Financial Statements help owners in assessing the
performance and position of their business which can
guide their investment decisions .

6. Accounting helps organizations to plan their finances by
developing budgets and forecasts. Variance analysis
provides a mechanism for the monitoring of expenses
incurred by organizations by comparison with the
budgeted expenditure. This process helps organizations in
planning their finances ahead and controlling any
deviations from the budget.

7. Major responsibilities:-
-Leading accounting teams
-Preparing financial reports on a weekly and monthly
basis
-financial forecasting
Compliance Officer
Accounts Professor

8. Accounting Professions in the 21st Century
After completing your accounting degree, you can get into a
number of professions like:
Budget Analyst
Public Accountant
Tax Accountant
Cost Management Accountant
Financial Accountant

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